Overview

EL DOMO - CURIPAMBA PROJECT

The Curipamba Project covers 21,500 hectares (215 km²) across nine concessions in central-western Ecuador (Bolívar Province), located 150 km from the city of Guayaquil.

Within the package of 9 concessions, the 1,458-hectare (14.58 km²) Las Naves concession is currently advancing through its construction and operational phases. It hosts the El Domo Project, where construction started in January 2025 and commercial production is projected to begin in mid-2027. The project has received all key permits from the Government of Ecuador.

The El Domo Deposit is a high-grade volcanogenic massive sulfide (VMS) copper-gold deposit containing significant zinc, lead, and silver mineralization. The deposit extends approximately 1,000 by 800 meters, with mineralization starting just 30 meters below the surface. The mining concessions cover low hills and plains situated at 300 and 900 meters above sea level.

Agreements

Agreement with the Government of Ecuador

December 23, 2022

An investment protection agreement, signed with the Government of Ecuador, grants El Domo various benefits through March 2033.

Benefits for El Domo project:

1. Legal stability with a 10-year term
2. Tax benefits
3. Support for legal arbitration proceedings

Agreement with Silvercorp Metals Inc.

December 23, 2022

Silvercorp Metals Inc. completed the acquisition of Adventus Mining Corporation (an agreement signed in 2017), thereby obtaining a 75% interest in the Curipamba-El Domo project and assuming the role of project operator. Salazar Resources Ltd. retains its original 25% stake, which is fully funded through commercial production.

Wheaton Precious Metals Streaming Agreement

A streaming agreement with Wheaton Precious Metals provides US$175.5M in funding available in four installments during construction.

Wheaton is entitled to 50% of payable gold production (until 145K ounces are delivered, 33% thereafter) and 75% of payable silver production (until 4.6M ounces are delivered, 50% thereafter) in return for payments equal to 18% of the spot prices for the gold and silver delivered, until the value of gold and silver delivered net of the payments is equal to US$175.5M, after which the payment will increase to 22% of the spot prices.

Economics

Updated Report on the Analysis of Economic Data for the El Domo Project, as of December 31, 2025

The cash flow estimate includes only the revenue, costs, taxes, and other factors directly associated with El Domo Project. The assumptions are as follows:

The technical-economic analysis was conducted using conventional Discounted Cash Flow (“DCF”) techniques. The projection for Project operation shows a positive economic prospect. At a discount rate of 8%, the NPV of the Project is USD 573 million. The net present values (“NPVs”) at different discount rates were estimated by SRK through DCF model, presented in Table 6.

The economic analysis was conducted for 7.13 Mt, classified as reserves at the El Domo Project, see in Table 7. An additional approx. 8 million tonnes of mineralized material remain within the Measured & Indicated and Inferred Mineral Resource categories.

Table 6. Estimated NPVs at Different Discount Rate, NPV in US$ millions

Table 7. Analysis of Economic Data for the El Domo Project

Mineral Resources

Updated Mineral Resource Estimate as of December 31, 2025

Geology

El Domo's sulfide mineralization is predominantly localized along the contact between a felsic volcanic dome and the overlying volcaniclastic strata, exhibiting a generally flat-lying geometry. The deposit has been traced over a strike length of approximately 1,000 m north-south and a width of up to 800 m east-west.

Studies

The current Mineral Resource estimate is based on information obtained from 427 diamond drill holes, totaling 79,357 meters, completed between 2007 and 2024. This updated Mineral Resource estimate (since the latest NI 43-101 Technical Report dated October 26, 2021) includes 28 additional infill drill holes completed within the open pit and underground areas, as well as 8 drill holes completed for metallurgical testing.

Resources

• Measured and Indicated (M+I) resource tonnage increased by 27%, with contained metal increasing across all metals (Au, Ag, Zn & Pb) by between 12% and 19%.
• Inferred resource tonnage increased by 245%. Contained Cu decreased by 5%; however, contained metal for Au, Ag, Zn, and Pb increased by between 72% and 233%.

See Table 1 for a full summary of Mineral Resource Statement for El Domo Project, as of December 31, 2025.

Table 1. Mineral Resource Statement for El Domo Project, as of December 31, 2025

See Table 2 and 3 for a comparison of Mineral Resource tonnage, grades, and contained metal between the 2021 Feasibility Study (FS) published in October 2021 and 2025 Technical Report in December 2025.

Table 2. Comparison of Measured + Indicated (M+I) Mineral Resources

Table 3. Comparison of Inferred Mineral Resources

Mineral Reserves

Mineral Reserve Statement for El Domo Project (Open Pit) as of December 31, 2025

Table 4. Mineral Reserve Statement For El Domo Project, as of December 31, 2025

See Table 5 for a comparison of Mineral Reserve tonnage, grades, and contained metal between the October 2021 Feasibility Study and the December 2025 update.

Table 5. Comparison of Minerals Reserves, October 2021 (2021 FS) and December 2025 (2025 Technical Report)

Construction

Construction Progress